Law: Income Tax Act, 1961

Section: 80,72,72(1),73,73(2),74,74(1),74A(3),139 ,139(1),139(3)

Income-tax--Loss---Return---Carry forward of loss---Law applicable---Effect of amendment of S.80 by Taxation Laws (Amendment) Act, 1984 w.e.f. 1-4-1985---Return of loss not submitted within time allowed under S.139(1) or extended period allowed by ITO ---Assessee not entitled to carry forward of loss---Indian Income Tax Act, 1961, Ss.80 [as amended by Indian Taxation Laws (Amendment) Act, 1984), 139(1)]. Section 80 of the Income Tax Act, 1961, deals with the submission of returns of losses. This provision has undergone several changes. The Legislative history of the provision shows that from 1st April, 1985, under the Taxation Laws (Amendment) Act, 1984, a return of loss must be submitted within the period prescribed by section 139(1). For that purpose for the words "under section 139" in the section which stood earlier, the words "within the time allowed under subsection (1) of section 139 or within such further time as may be allowed by the Income-tax Officer" have been substituted with effect from 1st April, 1985. Under section 80, no loss was allowed to be carried forward and set off under section 72(l) or section 73(2) or section 74(l) or section 74A(3) unless such loss had been determined in pursuance of a return filed by the assessee under section 139. With effect from 1st April, 1985, by the Taxation Laws (Amendment) Act, 1984, no such loss would be allowed to be carried forward or set off unless the return under section 139(1) had been filed within the time allowed under subsection (1) .of section 139 for filing the return or within such further time as might be allowed by the Income-tax Officer. For the assessment year 1985-86, a return was filed by the assessee on January 13, 1986, showing a loss of Rs.3,72,212. The due date for filing the return was on or before 31st July, 1985, and in the case of loss up to 30th June, 1985. Though an application was filed initially in Form No.6 requesting for extension of time to file the return up to 30th September, 1985, further extension of time was not asked for, and the return of income was filed on January 13, 1986. The Assessing Officer refused to carry forward the loss as the return of loss was not filed…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492